This week, we wanted to share a few of the real estate headlines from the last week. This information is helpful on a national level, and also gives an idea of where our industry leaders see the market and its future, as well as trends in the market.
Mortgage Rates Settle Near Lows:
Mortgage interest rates have fluctuated over the last handful of months, but the 30-year fixed rate mortgage averaged 3.33% this past week. At this time last year, mortgage interest rates were at 4.20%. As we’ve noted, for homebuyers this is an opportune time to purchase. Take a look at the link for more details:
NAR’s Chief Economist suggests a temporary housing slump.
The National Association of Realtors’ Chief economist Lawrence Yun believes real estate activity will resume, “‘As consumers become more accustomed to social distancing protocols, and with the economy slowly and safely reopening, listings and buying activity will resume, especially given the record low mortgage rates.’” In fact, he even expects home prices will likely be a gain year over year in 2020 due to the ongoing housing shortage. Take a look at the article with his quotes and more data: https://nationalmortgageprofessional.com/news/74702/chief-economist-housing-slump-temporary-pending-sales
What Owners like and dislike about their homes while sheltering:
This is a fun article that shows homeowners’ favorite features in their homes. At the top of the list ranks a quiet neighborhood and outdoor space. Homeowners believe their homes would be more livable with more space, an updated kitchen, and a home gym. It also lists the top projects completed during sheltering at home: cleaning out closets or garage, gardening and planting, and painting. Take a look for more details.
Post compliments of The Durango Team.